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Big Banks and Corporations Benefit Most from Biden’s $750 Billion Green Energy Tax Breaks, Says Congressional Analysis

ByAlki David

Apr 28, 2023

According to a new congressional analysis by the Joint Committee on Taxation (JCT), most of the tax benefits provided by President Joe Biden‘s $750 billion Inflation Reduction Act (IRA) of 2022 are going to big banks and billion-dollar corporations. This has raised concerns among House Ways and Means Committee Chairman Jason Smith (R-Mo.), who believes that the tax dollars should be used to benefit working Americans.

Smith has criticized the Biden administration for using tax dollars to subsidize special interest green energy projects of billion-dollar companies, while the supercharged IRS is targeting working Americans. The JCT report shows that the IRA tax breaks would provide more than $300 billion in tax benefits to corporations over the next 10 years.

The report also reveals that the top 1% of earners would receive more than 50% of the tax breaks, while the bottom 80% of earners would receive less than 7% of the benefits. This has raised concerns about the fairness of the tax system and whether it is truly designed to benefit all Americans.

Supporters of the IRA argue that the tax breaks are necessary to incentivize the private sector to invest in green energy projects and reduce carbon emissions. They also point out that the tax breaks would create jobs and stimulate economic growth.

However, opponents argue that the tax breaks are too generous and disproportionately benefit the wealthy and big corporations. They also point out that the tax breaks could increase the federal deficit and ultimately harm the economy.

In conclusion, the congressional analysis by the Joint Committee on Taxation has revealed that most of the tax benefits provided by President Biden’s $750 billion Inflation Reduction Act (IRA) of 2022 are going to big banks and billion-dollar corporations. This has raised concerns about the fairness of the tax system and whether it is truly designed to benefit all Americans. While the tax breaks could incentivize investment in green energy projects and create jobs, opponents argue that they are too generous and could harm the economy in the long run.

By Alki David

Alki David — Publisher, Media Architect, SIN Network Creator - live, direct-to-public communication, media infrastructure, accountability journalism, and independent distribution. Born in Lagos, Nigeria; educated in the United Kingdom and Switzerland; attended the Royal College of Art. Early internet broadcaster — participated in real-time public coverage during the 1997 Mars landing era using experimental online transmission from Beverly Hills. Founder of FilmOn, one of the earliest global internet television networks offering live and on-demand broadcasting outside legacy gatekeepers. Publisher of SHOCKYA — reporting since 2010 on systemic corruption inside the entertainment business and its expansion into law, finance, and regulation. Creator of the SIN Network (ShockYA Integrated Network), a federated media and civic-information infrastructure spanning investigative journalism, live TV, documentary, and court-record reporting. Lived and worked for over 40 years inside global media hubs including Malibu, Beverly Hills, London, Hong Kong and Gstaad. Early encounter with Julian Assange during the first Hologram USA operations proved a formative turning point — exposing the realities of lawfare, information suppression, and concentrated media power. Principal complainant and driving force behind what court filings describe as the largest consolidated media–legal accountability action on record, now before the Eastern Caribbean Supreme Court. Relocated to Antigua & Barbuda and entered sustained legal, civic, and informational confrontation over media power, safeguarding, and accountability at Commonwealth scale.